Thousands of Airbnbs and other short-term rentals are expected to disappear from rental platforms as New York City begins enforcing tight restrictions.

The End of Airbnb in New York::Thousands of Airbnbs and other short-term rentals are expected to disappear from rental platforms as New York City begins enforcing tight restrictions.

  • LufyCZ@lemmy.worldEnglish
    17·
    1 year ago

    Isn’t this quite a major event? More empty homes -> more places to choose from -> more competition -> lower prices

    • Changetheview@lemmy.worldEnglish
      23·
      1 year ago

      Huge. The short term rental housing boom is unlike almost anything we’ve seen before. Estimates put short term rentals as about 20% of the global real estate market.

      If that demand drops rapidly, it will mark a major shift. Tons of buyers and capital will be wiped off the table.

      I agree with the usual perspective that housing prices almost always rise over time. But this is an unprecedented event in scale, and if reversed, it will have unprecedented ramifications.